Hong Kong Chelsea Fans Refuse USDC Jersey Over Liability Fears
Chester FC has found itself in an unexpected controversy after partnering with Circle to sponsor their jerseys with USDC, a stablecoin. The decision has raised concerns among Hong Kong fans who fear they may be liable for wearing the team's jersey under local laws.
The Hong Kong Monetary Authority (HKMA) has implemented regulations that prohibit advertising unlicensed stablecoins and offer specific stablecoins without authorization. If fans wear the new USDC-branded jerseys in public, they could potentially face fines of up to $6,400 or 6 months in prison under the Hong Kong Stablecoin Ordinance.
Local merchants are hesitant to sell the jersey due to concerns that promoting the team's apparel may be seen as supporting unlicensed stablecoin activity. However, some experts argue that fans should have no problem wearing the jersey, as long as they are not actively marketing it or providing services related to the stablecoin.